Buy GBPJPY Channel BreakoutThe GBP/JPY pair on the M30 timeframe presents a potential buying opportunity due to a recent upward breakout from a well-defined bullish channel pattern. This suggests a shift in momentum towards the upside and a higher likelihood of further gains in the coming hours.
Key Points:
Buy Entry: Consider entering a long position (buying) above the broken resistance level of the channel, ideally around 190.50. This offers an entry point close to the perceived shift in momentum.
Target Levels: Initial bullish targets lie at the previous resistance levels within the channel, now acting as potential support zones:
191.25: This represents the first level of resistance within the channel.
191.61: This is a further extension of the upside target, based on the height of the recent price movement before the breakout.
Stop-Loss: To manage risk, place a stop-loss order below the broken resistance line of the channel, ideally around 190.25. This helps limit potential losses if the price unexpectedly reverses and breaks back downwards.
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